Lending Club | Peer-to-Peer Lending

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Lending Club | Peer-to-Peer Lending
Overall rating:
4.5
Bills.com rating

Bills.com's Review

Lending Club is a peer-to-peer lender. It was founded in 2007. As of December 31st, 2017, ending Club has originated $33 billion in loans. Lending Club matches borrowers with investors. You can work with them in either capacity. Creditworthy borrowers get loans at competitive rates and investors can make attractive returns.Lending Club has complaints, but not out of order relative to their size and scale. Lending Club has expanded its offerings, adding business loans from $5,000 to $300,000, auto refinancing loans, and loans to pay medical expenses.

About Lending Club

Lending Club is a peer-to-peer lender that matches borrowers and investors. If you have strong credit, you can often get loans from Lending Club that are competitive or lower than you can find through a bank or credit union. Investors choose the credit rating of the borrowers to whom they lend. Higher returns are available for lending to higher risk borrowers. Borrowers who otherwise may be turned down by a traditional lender, may qualify for a loan via Lending Club. Lending Club has an easy to use Web site. Privacy and risk disclosures are clear.

As of April, 2018, pPersonal loans are offered from $1,000 to $40,000. Interest rates range from 5.98%-35.89% APR, with no hidden fees or prepayment penalties. The best APR is available to borrowers with excellent credit. Borrowers pay a one-time origination that ranges from 1.11% to 5.00% of the loan amount, depending on the loan term and how Lending Club grades the borrower.